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Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2023
Accounting Policies [Abstract] |
Disaggregation of Revenue | Revenue from contracts with clients that was earned during the three months ended September 30, 2023 and 2022 include:
| Three Months Ended September 30, 2023 |
| Investment advisory |  | Mutual fund administration, net |  | Total revenue |
Diamond Hill Funds | $ | 21,714,872 |  |  | $ | 1,885,929 |  |  | $ | 23,600,801 |  |
Separately managed accounts, excluding performance-based fees | 6,150,388 |  |  | — |  |  | 6,150,388 |  |
Performance-based fees | 1,176,351 |  |  | — |  |  | 1,176,351 |  |
Other pooled vehicles | 2,451,019 |  |  | — |  |  | 2,451,019 |  |
Model delivery | 1,306,460 |  |  | — |  |  | 1,306,460 |  |
Collective investment trusts | 869,261 |  |  | — |  |  | 869,261 |  |
| $ | 33,668,351 |  |  | $ | 1,885,929 |  |  | $ | 35,554,280 |  |
| Three Months Ended September 30, 2022 |
| Investment advisory |  | Mutual fund administration, net |  | Total revenue |
Diamond Hill Funds | $ | 24,072,698 |  |  | $ | 2,422,591 |  |  | $ | 26,495,289 |  |
Separately managed accounts, excluding performance-based fees | 6,163,236 |  |  | — |  |  | 6,163,236 |  |
Performance-based fees | 1,500,225 |  |  | — |  |  | 1,500,225 |  |
Other pooled vehicles | 2,260,465 |  |  | — |  |  | 2,260,465 |  |
Model delivery | 1,358,517 |  |  | — |  |  | 1,358,517 |  |
Collective investment trusts | 486,942 |  |  | — |  |  | 486,942 |  |
| $ | 35,842,083 |  |  | $ | 2,422,591 |  |  | $ | 38,264,674 |  |
Revenue from contracts with clients that was earned during the nine months ended September 30, 2023 and 2022 include:
| Nine Months Ended September 30, 2023
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Diamond Hill Funds | $ | 64,019,839 |  |  | $ | 5,684,167 |  |  | $ | 69,704,006 |
Separately managed accounts, excluding performance-based fees | 18,653,260 |  |  | — |  |  | 18,653,260 |
Performance-based fees | 1,176,351 |  |  | — |  |  | 1,176,351 |
Other pooled vehicles | 6,785,722 |  |  | — |  |  | 6,785,722 |
Model delivery | 3,969,604 |  |  | — |  |  | 3,969,604 |
Collective investment trusts | 2,606,477 |  |  | — |  |  | 2,606,477 |
| $ | 97,211,253 |  |  | $ | 5,684,167 |  |  | $ | 102,895,420 |
| Nine Months Ended September 30, 2022
| Investment advisory |  | Mutual fund administration, net |  | Total revenue
Diamond Hill Funds | $ | 76,774,749 |  |  | $ | 8,013,040 |  |  | $ | 84,787,789 |
Separately managed accounts, excluding performance-based fees | 19,926,337 |  |  | — |  |  | 19,926,337 |
Performance-based fees | 1,500,225 |  |  | — |  |  | 1,500,225 |
Other pooled vehicles | 7,201,190 |  |  | — |  |  | 7,201,190 |
Model delivery | 4,585,925 |  |  | — |  |  | 4,585,925 |
Collective investment trusts | 1,540,708 |  |  | — |  |  | 1,540,708 |
| $ | 111,529,134 |  |  | $ | 8,013,040 |  |  | $ | 119,542,174 |
Mutual Fund Administration Gross and Net Revenue | Mutual fund administration gross and net revenue are summarized below:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Mutual fund administration: |  |  |  |  |  |  |
Administration revenue, gross | $ | 5,491,424 |  |  | $ | 6,129,695 |  |  | $ | 16,247,752 |  |  | $ | 19,550,947 |
Fund related expense | (3,605,495) |  |  | (3,707,104) |  |  | (10,563,585) |  |  | (11,537,907) |
Mutual fund administration revenue, net | $ | 1,885,929 |  |  | $ | 2,422,591 |  |  | $ | 5,684,167 |  |  | $ | 8,013,040 |

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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5 + Details
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